Page 242 - MOE ENGLISH PR REPORT - DECEMBER 2024

1/2/25, 5:47 PM UAE’s GDP grows by 3.6% in H1 2024 – UAE BARQ
UAE’s GDP grows by 3.6% in H1 2024

3 days ago News

Abdulla bin Touq Al Marri, Minister of Economy, has asserted that the preliminary estimates of the UAE’s GDP in the first half
of 2024, issued by the Federal Competitiveness and Statistics Centre, reflect remarkable economic growth and
competitiveness, solidifying the country’s position as a leading economic power for business and investment.

Bin Touq explained that the value of the UAE’s real GDP (at constant prices) reached AED879.6 billion in the first half of 2024,
recording a notable increase of 3.6 percent. Meanwhile, the value of the non-oil GDP during the same period was
approximately AED660 billion, with a growth of 4.4 percent, compared to the same period last year. With this, the contribution
of non-oil sectors to the country’s GDP has reached 75 percent.

The estimates also indicated that the UAE’s nominal GDP (at current prices) during the first half of 2024 reached
approximately AED981 billion, registering a growth rate of 5.6 percent. Meanwhile, the value of non-oil GDP at current prices

during the same period rose to about AED749 billion, with a growth rate reaching 6.8 percent, compared to the first half of
2023.

Bin Touq said, “The achievements highlight the visionary leadership of President His Highness Sheikh Mohamed bin Zayed Al
Nahyan, and strategic guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister
and Ruler of Dubai. The UAE has successfully laid the foundation for a sustainable, diversified economy driven by innovation
and knowledge, aligning with global trends while maintaining its position as a premier economic hub regionally and
internationally.

“This progress paves the way for achieving the economic goals outlined in ‘We the UAE 2031’ vision, including raising the
UAE’s GDP to AED3 trillion within the next decade.”

The Minister of Economy stated that the robust growth of non-oil sectors during the first half of 2024 reflects the dynamic
nature of the UAE’s economy and its capacity to seize emerging opportunities across multiple fields.

Bin Touq noted strong performance in key sectors, including transport, storage, finance, and construction, fuelled by initiatives
to promote entrepreneurship, trade, and investment, as well as major developmental projects launched earlier this year.
Tourism also recorded sustained growth, further reinforcing the UAE’s standing as a global tourism hub.

Additionally, the Minister underscored the importance of continued efforts and sector-wide integration to drive sustainable and
inclusive economic progress.

Hanan Mansour Ahli, Managing Director of the Federal Competitiveness and Statistics Centre (FCSC), said, “The GDP figures
for the first half of this year, published by the FCSC, reaffirm the UAE’s dedication to implementing its policy of economic
openness as a consistent national strategy. By leveraging its capabilities, the UAE aims to strengthen its economic standing
on both regional and global levels as one of the most dynamic and diversified economies, driven by forward-thinking
strategies and sustainable diversification plans.”

According to the initial estimates released by FCSC, transportation and storage activities led economic growth in the first half
of 2024, with an impressive 8.4 percent growth rate. Financial and insurance activities ranked second with a growth rate of 7.6

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